China's industrial output in July 2025 showed mixed signals amid economic slowdown concerns. Crude oil output increased by 1.2% year-on-year to 18.12 million tons, with crude oil throughput rising 8.9% compared to the previous year. However, steel and coal production declined, affected by adverse weather conditions and government measures to curb overcapacity. Specifically, crude steel production dropped 4% from the previous month to its lowest level in seven months. Coal output fell to its lowest level in over a year. Despite the decline in coal production, fossil-fuelled power generation, primarily from coal, reached its highest level since August 2024, driven by record-breaking heat and increased power demand. Total power generation by major electricity producers in the first seven months of 2025 rose 1.3% year-on-year to 5.4703 trillion kWh, with July power output increasing 3.1% year-on-year to 926.7 billion kWh, according to data from China's National Bureau of Statistics.